Issued: May 31, 1999
Latest Revision: May 1999
PRESENTING PROFESSORSHIPS TO THE BOARD OF
VISITORS FOR ESTABLISHMENT
This Office of University Development policy sets forth the requirements regarding the criteria for presenting named professorships to the Board of Visitors for establishment.
2.0 Policy [Top]
2.1 Professorship Funding Requirements
The minimum funding level required to name a professorship is determined by the University in conjunction with the Office of University Development. These levels are periodically reviewed and adjusted as necessary to provide adequate support for professorships. Named endowed professorships typically require a written endowment agreement that sets forth the terms and conditions of the professorship. In terms of named professorships funded currently or over a reasonable period (typically five-year pledge), minimum funding requirements in effect at the time the agreement is executed will prevail. In the case of professorship endowments funded by deferred vehicles, minimum funding requirements that are in effect when the assets are transferred will prevail.
The funding amount is defined as gifts, pledge payments, matching gifts, realized bequests and realized deferred gifts. Unrealized deferred gifts cannot be counted in the funding requirements because of the uncertainty about the timing of the eventual realization of the gifts. As a general rule, the funding amount will also not include capitalized income earned by the endowment or increases in the market value of the endowment. Any exceptions to the general rule must be documented before the gift is initiated and submitted to the Associate Vice President for Development for clearance.
2.2 Professorship Establishment Criteria for Board of Visitors Action
Named endowed professorships are established formally by the Board of Visitors at regularly scheduled meetings. A professorship must meet the following requirements before it will be presented to the Board of Visitors for establishment:
- 50% of the minimum professorship funding level (as defined above) received by the University or its related foundations;
- the remaining 50% of the funding requirement received in documented pledges payable within three years of the professorship establishment date unless otherwise specified in the endowment agreement; and,
- all accounts related to the professorship created and funding entries completed.
2.3 Professorship Naming Criteria
A professorship must meet the specified funding level in order to be recognized and recorded as a specific type of professorship, which may be defined from time to time at various dollar levels. As a general rule, capitalized income and endowment appreciation will not be included in the funding calculation for recognition.
3.0 Definitions [Top]
4.0 References [Top]
5.0 Approvals and Revisions [Top]